Natural Gas Price Prediction – Prices Slides as Hurricane Barry Moves Inland

Natural gas slides following hurricane treat
David Becker
Natural Gas

Natural gas prices moved lower on Monday, removing some of the premium that was incorporated into the price ahead of Hurricane Barry. The storm generated a reduction in production as many drills were shut in, but production will quickly go back to normal as the disruption to installation was very limited and will not effect future production. LNG exports increased week over week ahead of the storm which should help buoy demand

Technical Analysis

Natural gas prices moved lower on Monday, easing toward support near the 10-day moving average at 2.377. Resistance on natural gas prices is seen near the 50-day moving average at 2.44. Medium term momentum is neutral to positive as the MACD (moving average convergence divergence) histogram is printing in the black with an upward sloping trajectory which points to higher prices. Short term momentum is neutral to negative as the fast stochastic prints near the 50 index level with a slightly declining trajectory.

The EIA reports that US LNG exports increase week over week. Twelve LNG vessels with a combined LNG-carrying capacity of 44 Bcf departed the United States between July 4 and July 10. One vessel was loading at the Sabine Pass terminal on Wednesday. Natural gas feedstock deliveries to US liquefaction facilities set a new record last week, reaching 6.3 billion cubic feet per day Bcf per day on July 4 and July 7, 2019. They averaged 6.1 Bcf per day for the report week, the highest weekly average to date, according to tnhe EIA. Flows to the newly commissioned Cameron Train 1 and Corpus Christi Train 2 increased, indicating that both trains have ramped up feedstock deliveries to full capacity.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US